# Pound Sterling Forecasts Slashed at ING after Brextension Derails Bank of England

> ING cut its sterling forecasts, saying the six-month Brexit extension is too short for the Bank of England to resume rate hikes. The bank expects GBP to weaken against the euro and dollar over the next six months, with Conservative leadership tensions adding to the pressure.

- Date: 2019-04-12 · published 2019-04-12T12:00:00.000Z
- Category: macro · region UK · magnitude medium
- Page: https://feedsoft.ai/events/59849-pound-sterling-forecasts-slashed-at-ing-after-brextension-derails-bank-of
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Lower expected rates and a weaker pound would raise the dollar cost of sterling-priced inputs and reduce UK import purchasing power.

## Read by commodity

- EURUSD: bullish ▲
- GBPUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2023-01-31 | [Expect Pound Sterling Weakness against Euro, Dollar in Wake of Bank of England: CIBC](https://feedsoft.ai/events/38020-expect-pound-sterling-weakness-against-euro-dollar-in-wake-of-bank-of-england.md) | -1.3% | -2.4% |
| EURUSD | 2022-09-28 | [Sterling, euro rally against dollar after Bank of England buys UK bonds](https://feedsoft.ai/events/39830-sterling-euro-rally-against-dollar-after-bank-of-england-buys-uk-bonds.md) | +3.8% | +4.7% |
| EURUSD | 2024-01-31 | [Pound pares advance against Euro and Dollar as investors position for Bank of England By PoundSterlingLIVE](https://feedsoft.ai/events/32370-pound-pares-advance-against-euro-and-dollar-as-investors-position-for-bank-of.md) | -0.9% | -0.0% |
| EURUSD | 2017-02-02 | [Bank of England Says Inflation’s OK, Pound Tumbles - WSJ](https://feedsoft.ai/events/72733-bank-of-england-says-inflation-s-ok-pound-tumbles-wsj.md) | -0.5% | -2.3% |
| EURUSD | 2022-01-25 | [Euro Forecasts Upgraded at Deutsche Bank, says ECB to Hike Rates in December](https://feedsoft.ai/events/43345-euro-forecasts-upgraded-at-deutsche-bank-says-ecb-to-hike-rates-in-december.md) | -0.9% | +0.3% |

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/gbp-live-today/11159-pound-sterling-forecasts-slashed-at-ing-group-after-brextension-derails-bank-of-england-from-rate-hike-path

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.